CLEARWATER – By unanimous votes on two separate agenda items at its Nov. 1 meeting, the Clearwater City Council agreed to end its Master Deferred Compensation Program through the United States Conference of Mayors, where it has been since 1992, and move it to Nationwide Retirement Systems Inc.
“The city is currently contracted with Nationwide Retirement Solutions as one of two providers for the city’s 457 Deferred Compensation Plan, a voluntary individual retirement plan funded by plan participants with no contribution from the city,” a staff memo to the council explained. “The city’s arrangement with Nationwide resulted from an agreement between the city and the United States Conference of Mayors with whom Nationwide (formerly PEBSCO) had contracted to serve as an independent plan administrator of the USCM Master Deferred Compensation Program for Cities and other local governments.”
Recently, however, USCM decided to end its arrangement with Nationwide and contract with another provider for these services. And the city of Clearwater has decided that it wants to maintain its current relationship with Nationwide as a provider of its 457 deferred compensation plan services
“The city’s preference at this time is to terminate its current relationship with USCM in order to not be beholden to the decisions of USCM with respect to the provider of deferred compensation services to the city, but to have the ability instead to procure competitive bids for these services when deemed appropriate by the city.